Report
Do we really understand the growth gap between the United States and the euro zone?
There is much concern in Europe at present about it falling behind the United States, given the stronger growth outlook in the United States and that country’s much larger stimulus package . But, beyond demographics, do we really understand the causes of the growth gap between the United States and the euro zone? It could result from: Higher productivity gains resulting from the corporate investment, innovation and modernisation effort; Higher labour force skills in the United States; The larger size of the sector that produces new technologies in the United States; Greater “Schumpeterian” employment mobility in the United States. All the above explanations, with the exception of skills, seem to be relevant explanations of the United States’ growth advantage over the euro zone.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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